Warehouse REIT PLC Third quarter leasing update (3569A)
22 Gennaio 2024 - 8:00AM
UK Regulatory
TIDMWHR
RNS Number : 3569A
Warehouse REIT PLC
22 January 2024
22 January 2024
Warehouse REIT plc
(the "Company" or "Warehouse REIT", together with its
subsidiaries, the "Group")
Third quarter leasing update
Continued leasing momentum with 0.9m sq ft of activity, 22.1%
ahead of previous rents
Warehouse REIT, the multi-let industrial warehouse investor, is
pleased to report a strong quarter of leasing activity for the
three months to 31 December 2023. This reflects the resilience of
the UK multi-let warehouse sector as well as our active asset
management focused on capturing reversion across our 8 million sq
ft portfolio, which is a key priority for the year.
During the period, the Company completed 0.9m sq ft of leasing
activity, securing GBP5.2 million of contracted rent, on average
22.1% ahead of previous contracted rent, comprising:
-- 15 new lettings, 33.2% ahead of previous contracted rent, 8.4% ahead of March ERV
-- 16 renewals, 38.2% ahead of previous contracted rent, 9.8% ahead of March ERV
-- 6 rent reviews, 13.7% ahead of previous contracted rent, 1.4% ahead of March ERV
Notable deals included:
-- A new lease to a leading UK intralogistics business at
Bradwell Abbey in Milton Keynes generating GBP97,000, 10.5% ahead
of March ERV;
-- A renewal to a thermoplastics business at Kingsland Grange,
Warrington at a new rent of GBP498,000, 42.3% ahead of previous
contracted rent;
-- A renewal to a tile business at Matrix Park, Chorley at a
rent of GBP320,500, 22.7% ahead of previous contracted rent;
-- A rent review to a precision manufacturer of machines for the
oil and gas industry, at a new rent of GBP55,000, 57.1% ahead of
previous contracted rent.
Nine months performance
This brings total leasing activity for the nine months to 31
December 2023 to 1.4 million sq ft, on average 26.9% ahead of
previous contracted rent. It demonstrates good progress against our
objectives, with GBP1.2 million of reversion captured, equivalent
to 0.3 pence per share on an annualised basis. Total rent
attributable to these transactions is GBP8.5 million and the
like-for-like contracted rental growth for the nine month period is
3.7%, significantly ahead of a healthy half year rate of 1.7%.
Simon Hope, Co-Managing Director of Tilstone Partners,
Investment Advisor to Warehouse REIT commented: "This pace of
activity demonstrates that the market for affordable, well-located,
multi-let industrial space is holding up well. Deals have been
agreed well ahead of prior rents and the portfolio is successfully
appealing to more higher value occupiers from a wide variety of
sectors. The Warehouse REIT portfolio was 11.7% reversionary at
half year and this good performance demonstrates great progress
capturing that upside."
Enquiries
Warehouse REIT plc via FTI Consulting
Tilstone Partners Limited +44 (0) 1244 470
Simon Hope, Peter Greenslade, Jo Waddingham 090
G10 Capital Limited (part of the IQEQ
Group), AIFM +44 (0) 20 7397
Maria Baldwin 5450
FTI Consulting (Financial PR & IR Adviser
to the Company)
Dido Laurimore, Richard Gotla, Oliver +44 (0) 20 3727
Parsons 1000
Further information on Warehouse REIT is available on its
website: http://www.warehousereit.co.uk
Notes
Warehouse REIT is UK Real Estate Investment Trust that invests
in UK warehouses, focused on multi-let assets in industrial hubs
across the UK.
We provide a range of warehouse accommodation in key locations
which meets the needs of a broad range of occupiers. Our focus on
multi-let assets means we provide occupiers with greater
flexibility so we can continue to match their requirements as their
businesses evolve, encouraging them to stay with us for longer.
We invest in our business by selectively acquiring assets with
potential and by delivering opportunities we have created. Through
pro-active asset management we unlock the value inherent in our
portfolio, helping to capture rising rents and driving an increase
in capital values to deliver strong returns for our investors over
the long term. Sustainability is embedded throughout our business,
helping us meet the expectations of our stakeholders today and
futureproofing our business for tomorrow.
The Company is an alternative investment fund ("AIF") for the
purposes of the AIFM Directive and as such is required to have an
investment manager who is duly authorised to undertake the role of
an alternative investment fund manager ("AIFM"). The AIFM and the
Investment Manager is currently G10 Capital Limited (Part of the
IQEQ Group).
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END
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